While Bitcoin’s value continues to ebb and flow, its overall upward trend is fueling a fresh wave of mainstream and institutional interest. No longer a fringe asset or speculative gamble, Bitcoin is now backed by major financial institutions and increasingly referenced in policy circles.
The hype around the cryptocurrency, fueled in part by high-profile endorsements like that of the US President, has created a ripe environment for malicious actors.
Earlier this year Cloudflare published a report entitled ‘Bitcoin to the moon: Trump endorsing, scammers exploiting’ exploring how cyber threats are evolving in step with crypto’s growing popularity.
Field CTO, EMEA, Cloudflare.
A surge in opportunistic schemes
The rising interest in Bitcoin following its milestone has brought with it a fresh wave of scams targeting both individual users and businesses – nobody is safe. Whether through phishing, impersonation, or more technologically advanced tactics, scammers are evolving in real time and the threat landscape is widening.
Bad actors are quick to jump on trending moments – like celebrity endorsements – to launch convincing schemes aimed at stealing sensitive data and funds.
A favored method involves capitalizing on public figures. Scammers imitate influencers of political personalities, like Trump in elaborate phishing attempts. Victims might receive emails promoting giveaways or ‘exclusive’ NFT projects, only to be tricked into handing over private information or cryptocurrency wallet credentials.
These phishing campaigns are increasingly convincing, imitating the branding of trusted platforms like Ledger or Binance and creating a sense of urgency that compels users to act without thinking.
But these scams don’t just arrive via email or private messages, they’re increasingly seeded and spread across the platforms where people spend the most time: social media.
Fraudsters have also found fertile ground on social media platforms, using them as amplifiers for deception. Networks like X (formerly Twitter), Telegram, and TikTok are being exploited to spread fraudulent crypto schemes with alarming speed and reach.
On X and Telegram, scammers often impersonate high-profile crypto personalities or companies, offering fake giveaways and investment opportunities that require users to send cryptocurrency to “verify” their wallets, with the promise of receiving more in return. These messages are frequently boosted using bots, hashtags, and engagement bait to increase visibility and legitimacy.
TikTok, with its viral and fast-paced video format, has become a breeding ground for misleading crypto content. Influencers – sometimes knowingly, often not – promote dubious tokens or investment strategies that lack transparency or are part of pump-and-dump schemes. The platform’s short-form nature can make it difficult for viewers to verify claims or spot red flags before making impulsive decisions.
What makes these scams especially dangerous is the blend of urgency, community trust, and perceived credibility that social platforms foster. When content appears to come from a popular or seemingly trustworthy source, users are more likely to engage without skepticism, often with costly consequences. As crypto fraud adapts to the digital age, social media vigilance is now as crucial as traditional cybersecurity measures.
Sophisticated tactics and emerging technology
What makes today’s crypto scams especially dangers is their level of sophistication. Attackers are leveraging tools like AI-generated deepfakes and cloned websites to build believable, and often undetectable, fraud operations.
Cloudflare’s research notes that some attackers are even using geofencing techniques to limit their scam sites’ visibility to only targeted regions, allowing them to evade broader cybersecurity detection.
The scale of financial damage is staggering. In 2023 alone, cryptocurrency scams accounted for billions in losses, with tactics ranging from phony investment platforms to tech support impersonations and romance-based fraud. One of the most dangerous developments is the use of wallet-draining tools.
These malicious scripts, often embedded in fake browser extensions or counterfeit interfaces, where victims are tricked into approving transactions that they don’t fully understand. Once confirmed, the money is gone, typically with no way to reverse the transfer.
Old tricks, new contexts
While high-tech scams dominate headlines, many fraudsters are still relying on familiar methods. Phone calls and text messages – often impersonating crypto support teams – continue to be effective, made more convincing by modern technology enhancements such as AI.
Victims might be told their accounts are compromised and that urgent action is required, prompting them to reveal personal credentials or send funds to “secure” wallets that belong to the scammers.
Another common ruse involves fake cloud mining services, which advertise effortless income in exchange for small investments. These platforms are often elaborate hoaxes, designed to collect user data and steal funds without offering any real returns.
One of the most dangerous aspects of cryptocurrency fraud is the irreversible nature of transactions. In traditional finance, there are mechanisms in place to reverse unauthorized or mistaken transfers. Crypto doesn’t offer the same protections. If a user’s private key or seed phrase is compromised, the assets can be lost instantly – and permanently.
This vulnerability underscores the need for heightened security awareness. Many victims don’t realize how much access their seed phrase grants until it’s too late. As the crypto ecosystem expands, so too does the responsibility on users to protect their digital assets with vigilance.
Preparedness in 2025
Navigating the crypto world safely requires a proactive and skeptical mindset. Unsolicited offers, unexpected emails, and messages promising guaranteed profits should always be treated with suspicion. Before engaging with any platform, it’s vital to verify its legitimacy, research its background, and confirm that it uses proper security protocols.
Enabling two-factor authentication and using offline or hardware wallets to store digital assets adds vital protection against phishing and unauthorized access. Recognizing the hallmarks of fraudulent emails, such as unfamiliar links, misspellings, or offers that seem too good to be true is also key to avoiding compromise.
While cryptocurrencies like Bitcoin offer new financial opportunities, it also comes with heightened risks. The very factors fueling its popularity: speed, anonymity, and global reach, are the same attributes that empower cybercriminals.
To succeed in this new era of financial technology, users must stay informed, practice good security hygiene, and treat every offer or request with caution.
We’ve listed the best identity theft protection.
This article was produced as part of TechRadarPro’s Expert Insights channel where we feature the best and brightest minds in the technology industry today. The views expressed here are those of the author and are not necessarily those of TechRadarPro or Future plc. If you are interested in contributing find out more here: https://www.techradar.com/news/submit-your-story-to-techradar-pro
